Attached files
| file | filename |
|---|---|
| 8-K - 8-K - VIST FINANCIAL CORP | a12-4607_18k.htm |
Exhibit 99.1
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For additional information, contact: |
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| |
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Edward C. Barrett | |
|
Executive Vice President | |
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Chief Financial Officer | |
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Daytime: 610.603.7251 | |
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| |
|
NASDAQ: VIST | |
|
www.VISTfc.com |
For Immediate Release
VIST Financial Corp. Announces 2011 Fourth Quarter and Full Year Operating Results, and Cash Dividend
Wyomissing, Pennsylvania, February 9, 2012. VIST Financial Corp. (NASDAQ: VIST) reported a 2.2% increase in core earnings for the twelve months ended December 31, 2011 as compared to the same period in 2010.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited; Dollar amounts in thousands)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
|
2011 |
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2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
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Core earnings: |
|
|
|
|
|
|
|
|
| ||||
|
GAAP pre-tax net (loss) income |
|
$ |
(24,595 |
) |
$ |
1,456 |
|
$ |
(20,746 |
) |
$ |
3,519 |
|
|
Goodwill impairment |
|
25,069 |
|
— |
|
25,069 |
|
— |
| ||||
|
Capital offering expense |
|
526 |
|
— |
|
526 |
|
— |
| ||||
|
Loss on sale of other real estate owned |
|
65 |
|
208 |
|
1,245 |
|
1,640 |
| ||||
|
Net realized gains on sales of securities |
|
(601 |
) |
(226 |
) |
(1,473 |
) |
(691 |
) | ||||
|
Net credit impairment loss recognized in earnings |
|
607 |
|
79 |
|
1,519 |
|
850 |
| ||||
|
Nonrecurring Allegiance transaction expense |
|
— |
|
— |
|
400 |
|
— |
| ||||
|
Pre-tax core earnings |
|
1,071 |
|
1,517 |
|
6,540 |
|
5,318 |
| ||||
|
Income tax expense |
|
87 |
|
129 |
|
1,254 |
|
147 |
| ||||
|
Total core earnings |
|
$ |
984 |
|
$ |
1,388 |
|
$ |
5,286 |
|
$ |
5,171 |
|
The Company’s GAAP operating results for three months and twelve months ended December 31, 2011, were significantly reduced by certain non-routine expenses, which primarily included a non-cash goodwill impairment charge of $25.1 million. There was minimal tax benefit associated with this charge. The goodwill impairment charge reflects the Company’s fair market value determined as a result of the selection of a merger partner.
On January 26, 2012, the Company announced its definitive merger agreement under which Tompkins Financial Corporation will acquire VIST Financial Corp. VIST Bank will operate as a subsidiary of Tompkins Financial with a separate banking charter, local management team, and local Board of Directors. The transaction is expected to close early in the third quarter of 2012, subject to required regulatory approvals and other customary conditions, including required shareholder approval.
The goodwill impairment charge, which was fully disclosed to Tompkins Financial during the due diligence process, is a non-cash adjustment which has no effect on cash flows, liquidity or tangible capital. Additionally, since goodwill is excluded from regulatory capital, the impairment charge has no impact on regulatory capital ratios. The Company continues to exceed requirements to be considered “well capitalized” in accordance with regulatory capital standards.
“Our company continued to make measurable progress in our core earnings in 2011”, said VIST Financial President and CEO Robert D. Davis. “Looking forward, the affiliation with Tompkins will present opportunities for VIST customers and shareholders. I am very pleased with the chemistry between the two organizations. Both have a rich history of serving our clients as a trusted advisor and serving our communities as an outstanding corporate citizen.” Davis continued, “Partnering with Tompkins will bring increased financial services capabilities for our clients, while enabling VIST to continue our local identity as an independent bank serving our community for more than a century. VIST shareholders will receive an attractive premium to the recent market price and the opportunity to invest in one of the region’s premier financial services companies with a strong record of growth in dividends and earnings.”
Declaration of Cash Dividend
The Corporation reported that the Board of Directors declared a cash dividend of $0.05 per share on the Company’s common stock to shareholders of record on February 20, 2012 payable February 27, 2012.
VIST Financial Corp. is diversified financial services company headquartered in Wyomissing, PA, offering banking, insurance, investments, and wealth management services throughout Berks, Southern Schuylkill, Montgomery, Delaware, Philadelphia and Chester Counties.
NOTE: This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). For purposes of this release, management has used the non-GAAP measure of core earnings in its analysis of the Company’s performance. This measure, as used by the Company in this press release, adjusts net income determined in accordance with GAAP to exclude the effects of special items that are non-recurring or do not relate directly to the Company’s core operating performance, including the goodwill impairment relating to the Company’s selection of a merger partner, expenses incurred in connection with the Company’s Form S-1 filed during 2011, and net realized gains or losses on securities transactions. Because certain of these items and their impact on the Company’s performance are difficult to predict, management believes presentation of financial measures excluding the impact of such items provides useful supplemental information in evaluating the operating results of the Company’s core business. These disclosures should not be viewed as a substitute for net income determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.
This release may contain forward-looking statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond the Company’s control. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
Quarterly Earnings Conference Call
As a result of the pending merger agreement with Tompkins Financial, there will be no quarterly earnings conference call.
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in thousands, except share data)
|
|
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December 31, |
| ||||
|
|
|
2011 |
|
2010 |
| ||
|
|
|
|
|
|
| ||
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ASSETS |
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|
|
|
| ||
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Cash and due from banks |
|
$ |
16,361 |
|
$ |
15,443 |
|
|
Federal funds sold |
|
— |
|
1,500 |
| ||
|
Interest-bearing deposits in banks |
|
6,314 |
|
872 |
| ||
|
Total cash and cash equivalents |
|
22,675 |
|
17,815 |
| ||
|
|
|
|
|
|
| ||
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Securities available for sale |
|
375,691 |
|
279,755 |
| ||
|
Securities held to maturity, fair value of $1,613 and $1,888 at December 31, 2011 and 2010, respectively |
|
1,555 |
|
2,022 |
| ||
|
Federal Home Loan Bank stock |
|
5,800 |
|
7,099 |
| ||
|
|
|
|
|
|
| ||
|
Mortgage loans held for sale |
|
3,365 |
|
3,695 |
| ||
|
Loans, net of allowance for loan losses - $13,914 and $14,790 at December 31, 2011 and 2010, respectively |
|
893,263 |
|
939,573 |
| ||
|
Covered loans, net of allowance for loan losses - $135 and $0 at December 31, 2011 and 2010, respectively |
|
50,571 |
|
66,770 |
| ||
|
|
|
|
|
|
| ||
|
Premises and equipment, net |
|
6,587 |
|
5,639 |
| ||
|
Other real estate owned |
|
3,724 |
|
5,303 |
| ||
|
Covered other real estate owned |
|
596 |
|
247 |
| ||
|
Goodwill |
|
16,513 |
|
41,858 |
| ||
|
Identifiable intangible assets, net |
|
3,319 |
|
3,795 |
| ||
|
Bank owned life insurance |
|
19,830 |
|
19,373 |
| ||
|
FDIC prepaid deposit insurance |
|
2,604 |
|
3,985 |
| ||
|
FDIC indemnification asset |
|
6,381 |
|
7,003 |
| ||
|
Other assets |
|
19,241 |
|
21,080 |
| ||
|
|
|
|
|
|
| ||
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Total assets |
|
$ |
1,431,715 |
|
$ |
1,425,012 |
|
|
|
|
|
|
|
| ||
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Deposits: |
|
|
|
|
| ||
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Non-interest bearing |
|
$ |
129,394 |
|
$ |
122,450 |
|
|
Interest bearing |
|
1,058,055 |
|
1,026,830 |
| ||
|
Total deposits |
|
1,187,449 |
|
1,149,280 |
| ||
|
|
|
|
|
|
| ||
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Repurchase agreements |
|
103,362 |
|
106,843 |
| ||
|
Borrowings |
|
— |
|
10,000 |
| ||
|
Junior subordinated debt, at fair value |
|
18,534 |
|
18,437 |
| ||
|
Other liabilities |
|
6,687 |
|
8,005 |
| ||
|
Total liabilities |
|
1,316,032 |
|
1,292,565 |
| ||
|
|
|
|
|
|
| ||
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Shareholders’ equity: |
|
|
|
|
| ||
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Preferred stock: $0.01 par value; authorized 1,000,000 shares; $1,000 liquidation preference per share; 25,000 shares of Series A 5% (increasing to 9% in 2014) cumulative preferred stock issued and outstanding; Less: discount of $1,021 and $ 1,480 at December 31, 2011 and 2010, respectively |
|
23,979 |
|
23,520 |
| ||
|
Common stock, $5.00 par value; authorized 20,000,000 shares; issued: 6,649,087 and 6,546,273 shares at December 31, 2011 and 2010, respectively |
|
33,245 |
|
32,732 |
| ||
|
Stock warrant |
|
2,307 |
|
2,307 |
| ||
|
Surplus |
|
65,626 |
|
65,506 |
| ||
|
Retained (deficit) earnings |
|
(10,644 |
) |
12,960 |
| ||
|
Accumulated other comprehensive income (loss) |
|
1,361 |
|
(4,387 |
) | ||
|
Treasury stock: 10,484 shares at cost |
|
(191 |
) |
(191 |
) | ||
|
Total shareholders’ equity |
|
115,683 |
|
132,447 |
| ||
|
|
|
|
|
|
| ||
|
Total liabilities and shareholders’ equity |
|
$ |
1,431,715 |
|
$ |
1,425,012 |
|
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except share data)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest and dividend income: |
|
|
|
|
|
|
|
|
| ||||
|
Interest and fees on loans |
|
$ |
13,672 |
|
$ |
13,663 |
|
$ |
54,592 |
|
$ |
51,158 |
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
| ||||
|
Taxable |
|
3,008 |
|
2,387 |
|
11,804 |
|
10,920 |
| ||||
|
Tax-exempt |
|
284 |
|
377 |
|
1,263 |
|
1,646 |
| ||||
|
Dividend income |
|
22 |
|
20 |
|
87 |
|
59 |
| ||||
|
Other interest income |
|
27 |
|
15 |
|
63 |
|
304 |
| ||||
|
Total interest and dividend income |
|
17,013 |
|
16,462 |
|
67,809 |
|
64,087 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest expense: |
|
|
|
|
|
|
|
|
| ||||
|
Interest on deposits |
|
3,694 |
|
3,971 |
|
15,103 |
|
16,664 |
| ||||
|
Interest on short-term borrowings |
|
— |
|
— |
|
1 |
|
18 |
| ||||
|
Interest on repurchase agreements |
|
1,197 |
|
1,203 |
|
4,761 |
|
4,789 |
| ||||
|
Interest on borrowings |
|
— |
|
131 |
|
7 |
|
408 |
| ||||
|
Interest on junior subordinated debt |
|
413 |
|
412 |
|
1,636 |
|
1,464 |
| ||||
|
Total interest expense |
|
5,304 |
|
5,717 |
|
21,508 |
|
23,343 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
11,709 |
|
10,745 |
|
46,301 |
|
40,744 |
| ||||
|
Provision for loan losses |
|
2,969 |
|
2,050 |
|
9,036 |
|
10,210 |
| ||||
|
Net interest income after provision for loan losses |
|
8,740 |
|
8,695 |
|
37,265 |
|
30,534 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest income: |
|
|
|
|
|
|
|
|
| ||||
|
Commissions and fees from insurance sales |
|
3,049 |
|
2,723 |
|
12,201 |
|
11,915 |
| ||||
|
Customer service fees |
|
396 |
|
436 |
|
1,673 |
|
2,046 |
| ||||
|
Mortgage banking activities |
|
305 |
|
451 |
|
832 |
|
1,082 |
| ||||
|
Brokerage and investment advisory commissions and fees |
|
121 |
|
172 |
|
610 |
|
737 |
| ||||
|
Earnings on bank owned life insurance |
|
120 |
|
122 |
|
457 |
|
423 |
| ||||
|
Other commissions and fees |
|
444 |
|
437 |
|
1,808 |
|
1,901 |
| ||||
|
Gain on sale of equity interest |
|
— |
|
— |
|
— |
|
1,875 |
| ||||
|
Loss on sale of other real estate owned |
|
(65 |
) |
(208 |
) |
(1,245 |
) |
(1,640 |
) | ||||
|
Other income |
|
270 |
|
287 |
|
156 |
|
750 |
| ||||
|
Net realized gains on sales of securities |
|
601 |
|
226 |
|
1,473 |
|
691 |
| ||||
|
Total other-than-temporary impairment losses: |
|
|
|
|
|
|
|
|
| ||||
|
Total other-than-temporary impairment losses on investments |
|
(1,519 |
) |
(85 |
) |
(1,210 |
) |
(869 |
) | ||||
|
Portion of loss recognized in other comprehensive income |
|
912 |
|
5 |
|
(309 |
) |
19 |
| ||||
|
Net credit impairment loss recognized in earnings |
|
(607 |
) |
(80 |
) |
(1,519 |
) |
(850 |
) | ||||
|
Total non-interest income |
|
4,634 |
|
4,566 |
|
16,446 |
|
18,930 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest expense: |
|
|
|
|
|
|
|
|
| ||||
|
Salaries and employee benefits |
|
6,113 |
|
5,558 |
|
24,115 |
|
21,979 |
| ||||
|
Occupancy expense |
|
1,311 |
|
1,141 |
|
4,977 |
|
4,415 |
| ||||
|
Furniture and equipment expense |
|
696 |
|
618 |
|
2,760 |
|
2,559 |
| ||||
|
Outside processing services |
|
855 |
|
987 |
|
3,778 |
|
3,908 |
| ||||
|
Professional services |
|
862 |
|
989 |
|
3,528 |
|
3,093 |
| ||||
|
Marketing and advertising expense |
|
351 |
|
230 |
|
1,575 |
|
1,022 |
| ||||
|
FDIC deposit and other insurance expense |
|
387 |
|
460 |
|
1,827 |
|
2,128 |
| ||||
|
Amortization of identifiable intangible assets |
|
66 |
|
126 |
|
476 |
|
543 |
| ||||
|
Other real estate owned expense |
|
291 |
|
772 |
|
1,704 |
|
2,558 |
| ||||
|
Goodwill impairment |
|
25,069 |
|
— |
|
25,069 |
|
— |
| ||||
|
Other expense |
|
1,968 |
|
924 |
|
4,648 |
|
3,740 |
| ||||
|
Total non-interest expense |
|
37,969 |
|
11,805 |
|
74,457 |
|
45,945 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
(Loss) income before income taxes |
|
(24,595 |
) |
1,456 |
|
(20,746 |
) |
3,519 |
| ||||
|
Income tax (benefit) expense |
|
(781 |
) |
108 |
|
(165 |
) |
(465 |
) | ||||
|
Net (loss) income |
|
(23,814 |
) |
1,348 |
|
(20,581 |
) |
3,984 |
| ||||
|
Preferred stock dividends and discount accretion |
|
427 |
|
420 |
|
1,709 |
|
1,678 |
| ||||
|
Net (loss) income available to common shareholders |
|
$ |
(24,241 |
) |
$ |
928 |
|
$ |
(22,290 |
) |
$ |
2,306 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
EARNINGS PER SHARE DATA |
|
|
|
|
|
|
|
|
| ||||
|
Average shares outstanding for basic earnings per common share |
|
6,594,128 |
|
6,521,906 |
|
6,577,137 |
|
6,275,341 |
| ||||
|
Basic (loss) earnings per common share |
|
$ |
(3.68 |
) |
$ |
0.14 |
|
$ |
(3.39 |
) |
$ |
0.37 |
|
|
Average shares outstanding for diluted earnings per common share |
|
6,618,933 |
|
6,558,559 |
|
6,617,353 |
|
6,317,785 |
| ||||
|
Diluted (loss) earnings per common share |
|
$ |
(3.68 |
) |
$ |
0.14 |
|
$ |
(3.39 |
) |
$ |
0.37 |
|
|
Cash dividends declared per actual common shares outstanding |
|
$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.20 |
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest margin |
|
3.50 |
% |
3.43 |
% |
3.59 |
% |
3.44 |
% | ||||
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Unaudited; Dollars in thousands)
|
|
|
As Of and For The Three-Month Period Ended |
| |||||||||||||
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
|
2011 |
|
2011 |
|
2011 |
|
2011 |
|
2010 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Gross loans outstanding |
|
$ |
907,177 |
|
$ |
927,850 |
|
$ |
933,068 |
|
$ |
926,194 |
|
$ |
954,363 |
|
|
Gross covered loans outstanding |
|
50,706 |
|
57,032 |
|
58,954 |
|
62,818 |
|
66770 |
| |||||
|
Troubled debt restructurings (accruing) |
|
2,749 |
|
6,683 |
|
8,790 |
|
11,115 |
|
10,772 |
| |||||
|
Allowance for loan losses - non-covered |
|
13,914 |
|
15,458 |
|
15,439 |
|
15,283 |
|
14,790 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NON-PERFORMING ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Non-accrual loans * |
|
$ |
36,344 |
|
$ |
31,919 |
|
$ |
30,273 |
|
$ |
28,120 |
|
$ |
26,513 |
|
|
Loans past due 90 days or more still accruing |
|
239 |
|
306 |
|
215 |
|
456 |
|
594 |
| |||||
|
Total non-performing loans |
|
36,583 |
|
32,225 |
|
30,488 |
|
28,576 |
|
27,107 |
| |||||
|
Other real estate owned |
|
3,724 |
|
2,849 |
|
2,337 |
|
1,769 |
|
5,303 |
| |||||
|
Total non-performing assets |
|
$ |
40,307 |
|
$ |
35,074 |
|
$ |
32,825 |
|
$ |
30,345 |
|
$ |
32,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
ASSET QUALITY STATISTICS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net charge-offs to average loans (annualized) |
|
1.90 |
% |
0.84 |
% |
0.74 |
% |
0.74 |
% |
0.75 |
% | |||||
|
Allowance for loan losses as a percent of loans |
|
1.53 |
% |
1.67 |
% |
1.65 |
% |
1.65 |
% |
1.55 |
% | |||||
|
Allowance for loan losses as a percent of non-performing loans |
|
38.03 |
% |
47.97 |
% |
50.64 |
% |
53.48 |
% |
54.56 |
% | |||||
|
Allowance for loan losses as a percent of non-performing assets |
|
34.52 |
% |
44.07 |
% |
47.03 |
% |
50.36 |
% |
45.63 |
% | |||||
|
Net charge-offs |
|
4,378 |
|
1,958 |
|
1,704 |
|
1,737 |
|
1,678 |
| |||||
|
Non-performing assets to total assets ** |
|
2.92 |
% |
2.46 |
% |
2.35 |
% |
2.25 |
% |
2.39 |
% | |||||
|
Delinquencies (30-89 Days) |
|
$ |
12,522 |
|
$ |
11,147 |
|
$ |
7,177 |
|
$ |
9,589 |
|
$ |
5,808 |
|
|
Total 30-89 day delinquencies (accruing), non-performing assets and troubled debt restructurings |
|
$ |
55,578 |
|
$ |
52,904 |
|
$ |
48,792 |
|
$ |
51,049 |
|
$ |
48,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NON-PERFORMING COVERED ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Covered non-accrual loans |
|
$ |
5,581 |
|
$ |
5,739 |
|
$ |
5,805 |
|
$ |
4,036 |
|
$ |
4,408 |
|
|
Covered other real estate owned |
|
596 |
|
596 |
|
520 |
|
711 |
|
247 |
| |||||
* Inclusive of non-performing troubled debt restructurings
** Excludes covered assets
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Unaudited; Dollars in thousands)
|
|
|
Average Balance Sheet |
| ||||||||||
|
|
|
For the Three Months Ended |
|
For the Twelve Months Ended |
| ||||||||
|
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
|
Assets |
|
|
|
|
|
|
|
|
| ||||
|
Federal funds sold |
|
$ |
— |
|
$ |
33,139 |
|
$ |
5,446 |
|
$ |
28,128 |
|
|
Interest bearing deposits in banks |
|
29,212 |
|
2,159 |
|
13,622 |
|
18,233 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Securities |
|
365,100 |
|
280,286 |
|
324,192 |
|
271,533 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Mortgage loans held for sale |
|
3,799 |
|
4,766 |
|
2,022 |
|
2,620 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans: |
|
|
|
|
|
|
|
|
| ||||
|
Commercial loans |
|
771,401 |
|
770,692 |
|
771,685 |
|
738,105 |
| ||||
|
Consumer loans |
|
104,059 |
|
119,006 |
|
109,116 |
|
124,496 |
| ||||
|
Mortgage loans |
|
47,667 |
|
51,781 |
|
49,666 |
|
50,506 |
| ||||
|
Total loans |
|
923,127 |
|
941,479 |
|
930,467 |
|
913,107 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Covered loans |
|
52,593 |
|
30,968 |
|
57,601 |
|
7,805 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest earning assets |
|
1,373,831 |
|
1,292,797 |
|
1,333,350 |
|
1,241,426 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Goodwill and intangible assets |
|
44,748 |
|
45,161 |
|
45,283 |
|
44,410 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non interest-earning assets |
|
62,444 |
|
67,661 |
|
68,559 |
|
70,694 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,481,023 |
|
$ |
1,405,619 |
|
$ |
1,447,192 |
|
$ |
1,356,530 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
| ||||
|
Deposits: |
|
|
|
|
|
|
|
|
| ||||
|
Non-interest bearing |
|
$ |
136,683 |
|
$ |
119,310 |
|
$ |
123,479 |
|
$ |
111,791 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest bearing: |
|
|
|
|
|
|
|
|
| ||||
|
NOW, money market and savings |
|
636,228 |
|
518,621 |
|
589,598 |
|
506,459 |
| ||||
|
Time deposits |
|
437,558 |
|
482,542 |
|
466,098 |
|
452,587 |
| ||||
|
Total interest bearing deposits |
|
1,073,786 |
|
1,001,163 |
|
1,055,696 |
|
959,046 |
| ||||
|
Total deposits |
|
1,210,469 |
|
1,120,473 |
|
1,179,175 |
|
1,070,837 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Repurchase agreements |
|
104,401 |
|
108,684 |
|
105,224 |
|
111,265 |
| ||||
|
Federal funds purchased |
|
364 |
|
— |
|
233 |
|
3,650 |
| ||||
|
Borrowings |
|
— |
|
13,043 |
|
247 |
|
11,041 |
| ||||
|
Junior subordinated debt |
|
18,589 |
|
18,017 |
|
18,523 |
|
19,166 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total interest bearing liabilities |
|
1,197,140 |
|
1,140,907 |
|
1,179,923 |
|
1,104,168 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Non-interest bearing liabilities |
|
7,403 |
|
9,844 |
|
7,591 |
|
8,597 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Shareholders’ equity |
|
139,797 |
|
135,558 |
|
136,199 |
|
131,974 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Total liabilties and shareholders equity |
|
$ |
1,481,023 |
|
$ |
1,405,619 |
|
$ |
1,447,192 |
|
$ |
1,356,530 |
|